Updated Dec 21, 2023
Joel Braver Acquires Multifamily Property In Bedford-Stuyvesant For $23.37M
904 Bedford Avenue, Bedford-Stuyvesant, Brooklyn, NY, USA
$23,370,000
$599/SF
Building Size
39,000 SF
Asset Type
MultiFamily
Closing
Jun 13, 2021
About this deal
AI
Three multifamily properties located at 904 Bedford Avenue, 902 Bedford Avenue, and 908 Bedford Avenue in Bedford-Stuyvesant, Brooklyn have recently been sold in a transaction that closed on June 14, 2021. The buyer, Joel Braver, acquired the properties from seller Richard A Kaplin for a total price of $23,370,000.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $23,370,000
- Address: 904 Bedford Avenue, 902 Bedford Avenue & 908 Bedford Avenue, Bedford-Stuyvesant, Brooklyn
- Market: Bedford-Stuyvesant, Brooklyn
- Zoning: R7A
The three properties have a combined building square footage (BSF) of 24,000, resulting in a price per BSF of $973. The total lot size is 4,000 square feet, and the sale price per square foot (PPSF) is calculated to be $599 based on the total square footage (SF) of 39,000.
The previous sale of these properties took place on September 11, 2014, with a sale price of $28,600,000. On June 12, 2015, permits for alteration type 2 were issued for the properties.
It is important to note that the properties have a floor area ratio (FAR) of 6.50 and fall under tax class 2.
By acquiring these three multifamily properties in Bedford-Stuyvesant, Joel Braver has made a significant investment in the Brooklyn real estate market. The transaction demonstrates a strong interest in the area and highlights the demand for multifamily assets in this neighborhood.
Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93